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Prepare the entry for the dividend declaration

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Reference no: EM132875834

Question - At December 31, 2020, Woodstock Corp. has the following shares outstanding (all no-par value):

200,000 common shares $1,275,000

$5 preferred, 7,200 shares $600,000

The preferred shares are cumulative and participating up to an additional 4%.

Dividends have not been paid since December 31, 2017.

Woodstock now wishes to declare a total cash dividend of $320,000.

Required - Prepare the entry for the dividend declaration, separating the dividend into the common and preferred portions. Show all calculations. With detailed explanation.

Reference no: EM132875834

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